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Federal Reserve Board announces $41 million penalty and consent cease and desist order

May 31, 2017 / Source: FRB

Press Release

May 30, 2017

For release at 4:30 p.m. EDT


The Federal Reserve Board on Tuesday announced a $41 million penalty and consent cease and desist order against the U.S. operations of Deutsche Bank AG for anti-money laundering deficiencies.

The actions were taken by the Board to address unsafe and unsound practices at the firm's domestic banking operations. The Board identified failures by Deutsche Bank's U.S. banking operations to maintain an effective program to comply with the Bank Secrecy Act and anti-money laundering laws.

The consent order requires Deutsche Bank to improve its senior management oversight and controls related to compliance by the U.S. banking operations with anti-money laundering laws.

For media inquiries, call 202-452-2955.

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Last Update: May 30, 2017